Naval said: $ZEC is Bitcoin’s insurance
Got me all hyped up, chased it at 744.9 and bought in high
Now it’s down 70%, I’ve calmed down
But I’m still full of questions: Why is the “insurance” dropping even more?!

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Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

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本质上还是山寨，牛市一起飞，熊市一起跌，没什么所谓的金融对冲效果。

Essentially, it's still a copycat; it soars together in bull markets and falls together in bear markets, offering no real financial hedging effect.

Because insurance itself is a Ponzi scheme.

Miners are pumping up the Zhuang coin, the old BTC was actually miners pumping it up too.